FXstreet.com (Barcelona) - The Euro rallied yesterday to a new 2009 high at 1.4535, eroding the top of its fourth month channel, according to Karen Jones, technical analyst at Commerzbank, who advances the possibility of consolidation at current levels for the nearest future.

On the upside, Jones observes resistance at 1.4515: EUR/USD has rallied to a new high and is eroding the top of its 4 month channel, currently offering resistance at 1.4512. The move higher leaves the dollar under pressure - near term we would allow for some consolidation as a close above the channel at 1.4512 has not yet been seen.

On the downside, Jones considers the Euro's bullish bias while above 1.4184/08: For now through, having broken to a new high, we will assume a bullish bias while above the 55 day ma and uptrend support at 1.4184/08.

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